How long to wait for vendor to find somewhere to buy...

Ultranol_2

Hello,

We're FTBs and had an offer accpeted on a house 2 weeks ago. The vendor hasn't found anywhere to buy yet and I was just wondering how long people would generally wait for a complete chain?

We're fairly flexible in that renting, and could potentially move back with our parents if our rental contract ends before we complete (although this is far from ideal), and while we appreciate that we will need to be patient, we don't want to be strung along for months while the vendor finds somewhere to buy

How long would people recommend to wait before suggesting the vendor rents for a while, or pull out? We love the house, but there are other potentials on the market, so its not an 'all or nothing' situation.

Thanks

G_M

There are no rules to this. Depends how much you want this house. How long you're willing to wait. How open the vendor is to the idea of moving out before buying etc etc.

No one can give you a timescale.

Ultranol_2

Thansk for the reply. I guess what we are trying to find out is what is reasonable amount of time to wait? What is a reasonable amount of time to wait before suggesting the vendor rents etc. I guess this a question that ultimately only we can answer, but would be good to hear from anyone whose been in a similar situation.

becominganobsessivesaver

When we were in this situation a few years ago we set the date our rental agreement ended as the required completion date. This gave 3 months. The vendor had to move in with their parents at that point. If you have over 2 months left on your rental agreement I think this is a reasonable way to go. Also under no circumstances let them know that you have alternative accomodation with your parents.

54druids

Well, in a normal market I could understand you being so patient. However, in todays market when people are lucky to get an offer on their house, surely the onus is on the vendor to rent and not the buyer. Does the vendor want to sell his house or not?

Ultranol_2

So, just an update - after almost 2 months we are still waiting for the vendor to find somewhere to live!! We are obviously looking at other properties, but nothing as good has come up yet.

Is 2 months a long time to wait? The vendor had the house on the market for 6 months before our offer was accepted, so you'd think she would be keen to hang onto us by renting etc and not risk us finding something else.

I just don't think shes really that desperate to sell, which is why shes taking her time, but would be interested to hear from other people?

Cannon_Fodder

If nothing else has come up for you, its possibly tricky for something good to come up for her.

But, she should be looking into renting now, imo.

Ask EA to set end-Jan as latest date on which she starts looking to rent with the aim of completing end-Feb.

And then sit back and watch as she tries to ask you for more money after seeing recent headlines, at which point you walk away altogether and she stays unsold another year.

Ultranol_2

Ah we've already done that. We gave her a deadline of today and she is still not prepared to rent. I can't understand it to be honest - we are FTBs with our mortgage approved and solitcitor ready to go and we have already been more than patient!

jenny_13

I think if she was serious she'd have moved out into rented accomodation. Our vendors went into rented and as soon as the offer had been accepted they put in all the forms for the rented property because they hadn't sorted out the next mortgage (he was self employed). Have you told the EA your looking at other properties and that it is likely that you will withdraw the offer? This may make the vendor act and do something.

Good luck

Fire_Fox

There is no point in giving an ultimatum and then not following through.

Cannon_Fodder

Walk away. If EA comes back to you in a week, she's realised her folly. If not someone else can wait, wait and wait.